BARTRONICS INDIA 2017-18 Annual Report Analysis

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BARTRONICS INDIA 2017-18 Annual Report Analysis
Tue, 14 May

BARTRONICS INDIA has announced its results for the year ended March 2018. Let us have a look at the detailed performance review of the company during FY17-18.

BARTRONICS INDIA Income Statement Analysis

  • Operating income during the year fell 11.6% on a year-on-year (YoY) basis.
  • The company's operating profit increased by 37.9% YoY during the fiscal. Operating profit margins witnessed a fall and down at 18.6% in FY18 as against 12.0% in FY17.
  • Depreciation charges decreased by 7.2% and finance costs increased by 1.0% YoY, respectively.
  • Other income grew by 968.4% YoY.
  • Net profit for the year declined by 18.0% YoY.
  • Net profit margins during the year grew from 59.7% in FY17 to 54.0% in FY18.

BARTRONICS INDIA Income Statement 2017-18

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Net Sales Rs m 853 754 -11.6%
Other income Rs m 2 20 968.4%
Total Revenues Rs m 855 774 -9.4%
Gross profit Rs m 102 141 37.9%
Depreciation Rs m 64 59 -7.2%
Interest Rs m 519 524 1.0%
Profit before tax Rs m -479 -422 -11.8%
Tax Rs m -4 -4 -2.5%
Profit after tax Rs m -510 -418 -18.0%
Gross profit margin % 12.0 18.6
Effective tax rate % 0.8 0.9
Net profit margin % -59.7 -54.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BARTRONICS INDIA Balance Sheet Analysis

  • The company's current liabilities during FY18 down at Rs 13 billion as compared to Rs 14 billion in FY17, thereby witnessing an decrease of -10.1%.
  • Current assets fell 13% and stood at Rs 11 billion, while fixed assets fell 3% and stood at Rs 3 billion in FY18.
  • Overall, the total assets and liabilities for FY18 stood at Rs 15 billion as against Rs 16 billion during FY17, thereby witnessing a fall of 10%.

BARTRONICS INDIA Balance Sheet as on March 2018

No. of Mths Year Ending 12 Mar-17* 12 Mar-18* % Change
Networth Rs m 1,972 1,798 -8.8
 
Current Liabilities Rs m 14,478 13,023 -10.1
Long-term Debt Rs m 0 0 0.0
Total Liabilities Rs m 16,462 14,826 -9.9
 
Current assets Rs m 12,273 10,723 -12.6
Fixed Assets Rs m 2,618 2,529 -3.4
Total Assets Rs m 16,462 14,826 -9.9
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



BARTRONICS INDIA Cash Flow Statement Analysis

  • BARTRONICS INDIA's cash flow from operating activities (CFO) during FY18 stood at Rs -38 million on a YoY basis.
  • Cash flow from investing activities (CFI) during FY18 stood at Rs 36 million on a YoY basis.
  • Cash flow from financial activities (CFF) during FY18 stood at Rs 1 million, an improvement of 104% on a YoY basis.
  • Overall, net cash flows for the company during FY18 stood at Rs -1 million from the Rs 9 million net cash flows seen during FY17.

BARTRONICS INDIA Cash Flow Statement 2017-18

Particulars No. of months 12 12 % Change
Year Ending Mar-17 Mar-18
Cash Flow from Operating Activities Rs m 36 -38 -
Cash Flow from Investing Activities Rs m -8 36 -
Cash Flow from Financing Activities Rs m -19 1 -
Net Cash Flow Rs m 9 -1 -
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Current Valuations for BARTRONICS INDIA

  • The trailing twelve-month earnings per share (EPS) of the company stands at Rs -12.3, an improvement from the EPS of Rs -15.0 recorded last year.
  • The price to earnings (P/E) ratio, at the current price of Rs 7.1, stands at -0.3 times its trailing twelve months earnings.
  • The price to book value (P/BV) ratio at current price levels stands at 0.3 times, while the price to sales ratio stands at 0.7 times.
  • The company's price to cash flow (P/CF) ratio stood at -0.7 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Sales per share (Unadj.) Rs 25.0 22.1
TTM Earnings per share Rs -15.0 -12.3
Diluted earnings per share Rs -15.0 -12.3
Price to Cash Flow x -0.5 -0.7
TTM P/E ratio x -0.3 -0.3
Price / Book Value ratio x 0.3 0.3
Market Cap Rs m 242 242
Dividends per share (Unadj.) Rs 0.0 0.0
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



Ratio Analysis for BARTRONICS INDIA

  • Solvency Ratios
  • Current Ratio: The company's current ratio deteriorated and stood at 0.8x during FY18, from 0.8x during FY17. The current ratio measures the company's ability to pay short-term and long-term obligations.

    Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 0.2x during FY18, from 0.1x during FY17. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

  • Profitability Ratios
  • Return on Equity (ROE): The ROE for the company improved and stood at -23.3% during FY18, from -25.9% during FY18. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

    Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 5.7% during FY18, from 0.2% during FY17. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

    Return on Assets (ROA): The ROA of the company improved and stood at 0.7% during FY18, from 0.1% during FY17. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending 12 Mar-17* 12 Mar-18*
Current ratio x 0.8 0.8
Debtors’ Days Days 4,913 4,345
Interest coverage x 0.1 0.2
Debt to equity ratio x 0.0 0.0
Return on assets % 0.1 0.7
Return on equity % -25.9 -23.3
Return on capital employed % 0.2 5.7
* Results Consolidated
Interim results exclude extraordinary / exceptional items
Source: Company Reports, Regulatory Filings, Equitymaster



To see how BARTRONICS INDIA has performed over the last 5 years, please visit here.

BARTRONICS INDIA Share Price Performance

Over the last one year, BARTRONICS INDIA share price has moved up from Rs 12.8 to Rs 7.1, registering a loss of Rs 5.7 or around 44.5%.

Meanwhile, the S&P BSE IT Index is trading at Rs 15,365.8 (down 1.0%). Over the last one year it has moved up from 13,176.5 to 15,365.8, a gain of 2,189 points (up 16.6%).

Overall, the S&P BSE SENSEX is up 4.2% over the year.

(To know more, check out historical annual results for BARTRONICS INDIA and quarterly results for BARTRONICS INDIA)

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